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Village Medical Plaza

FAYETTEVILLE, N.C. — Stan Johnson Co. has brokered the $10 million sale of a 28,434-square-foot, multi-tenant medical office building located at 3401 Village Drive in Fayetteville. Stan Johnson’s Scott Briggs represented the seller, an individual investor and developer based in North Carolina. The property, known as Village Medical Plaza, was purchased by an out-of-state private fund whose name was not disclosed. Village Medical Plaza features both medical and traditional office space and is fully leased to three tenants: the U.S. General Services Administration (GSA) for an initial 15-year term, the State of North Carolina Department of Revenue for an initial 10-year term and Piedmont Physical Therapy Specialists for an initial term of seven years. The three-story property was built in 2017 and sits on 1.3 acres in a medical and office district immediately adjacent to Cape Fear Valley Medical Center, a 200-bed acute care facility that treats more than 1 million patients annually.

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FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.

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AUSTIN, TEXAS — Hodges Ward Elliott, a hospitality brokerage firm with offices across the country, has arranged the sale of four Omni Hotels & Resorts in Texas. The hotels are located in the metro areas of each of the state’s four largest markets: Austin, Dallas, Houston and San Antonio. The hotels were sold as part of a five-property, 1,729-room portfolio transaction, with the fifth hotel located in Jacksonville, Fla. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott represented the seller, TRT Holdings, the Dallas-based owner-operator of the Omni family of brands. The undisclosed buyer plans to renovate and rebrand all five hotels.

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CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.

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Sunstate Business Park

TAMPA, FLA. — A joint venture between Birtcher Anderson & Davis and Belay Investment Group has purchased Sunstate Business Park in Tampa for $17.1 million. The property’s eight buildings total 180,323 square feet of flex and industrial space and are located at the intersection of West Waters Avenue and Sunstate Street, two miles from Tampa International Airport. Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Indianapolis-based Citimark. The buyer was self-represented. At the time of the sale, Sunstate Business Park was 91.1 percent leased to 26 tenants, including Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group. The property recently underwent capital improvements to refresh signage, landscaping and exterior paint. Having sold off over 1 million square feet in Tampa-based assets over the past two years, Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.

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Seventh-Phoenix-AZ

PHOENIX — Scottsdale-based Sterling Real Estate Partners has completed the disposition of Seventh, an apartment community located in Phoenix. Urban Communities acquired the property for $38.3 million, or $134,003 per unit. Situated on five acres on Seventh Street, the property features 286 apartments spread across 11 buildings. Amenities include two swimming pools, an outdoor game area, 1,000-square-foot fitness center, leasing office, resident lounge and coffee bar. The community was built in 1970. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

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2209 Sulphur Spring Road Industrial Facility

BALTIMORE — JLL Capital Markets has secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Road in Baltimore near Interstates 95 and 695. Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge of JLL represented the seller, The O’Donnell Group, in the transaction. Paul Spellman of JLL secured acquisition financing on behalf of the new owner, Aminim Group. The property price was not disclosed. Located 7.5 miles from Baltimore/Washington International Thurgood Airport, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops. Tenants of the industrial facility include Liberty Tire Recycling and Indusco Wire Rope & Fittings. Since 2013, the property received about $6.5 million of capital improvements, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges. In 2018, the O’Donnell Group reached out to Dave Dannenfelser and Tyler Boykin of JLL to lease the property, which was purchased in December 2017 with a pending full-building vacancy. Within 12 months, the team brought the vacant warehouse to full occupancy with an average lease term of more than seven years. The O’Donnell Group is a …

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Former Sam's Club

LAKE WORTH BEACH, FLA. — Bruner Group has arranged the sale of a 135,268-square-foot warehouse at 7233 N. Seacrest Blvd. in Lake Worth Beach. Alliance 7233 Seacrest LLC bought the 15.8-acre property, which previously housed a Sam’s Club. In 2019, the seller, 7233 Seacrest Boulevard LLC, originally bought the property for $13 million, and sold the property this year for $17 million. The former Sam’s Club building features 22- to 27-foot clear heights, dock and grade loading, heavy power, 800-plus parking space, natural gas and air conditioning. The property is located off Interstate 95 at Hypoluxo Road in central Palm Beach County. Alliance 7233 Seacrest LLC, an affiliate of Pennsylvania-based Alliance Partners HSP, is an owner and developer of industrial, office and mixed-use real estate. Bruner Group is a commercial real estate agency based in Delray Beach, Fla.

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OKLAHOMA CITY — Dallas-based investment firm Elkhorn Capital Partners has acquired Arbor Glen and Arbor Vista, two contiguous apartment complexes totaling 158 units in Oklahoma City. Recently renamed Parkview Apartments 1 and 2, the properties total 96 and 62 units, respectively, in one- and two-bedroom floor plans. Elkhorn Capital is planning to consolidate the complexes into one property and to implement a value-add program to unit interiors and amenity spaces. The seller was not disclosed

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Parmac-Industrial-Park-Kirkland-WA

KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot. At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction. Leroy Lutu of Marcus & Millichap represented the seller and procured the buyer in the deal.

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